Archives for March 2014

As mentioned in yesterday`s analysis, the difference between both counts was within wave 4 purple, so both counts anticipated an upwards motive wave to complete wave a orange and that is what happened today.
The pound unfolded as the main count expected towards the downside in a corrective manner before reversing directions and move towards the upside, however the pound fell short of the specified target by 20 pips and wave 5 purple exceeded the alternate count`s target by 6 pips.
We have one count today and this count expects the pound to unfold towards the downside in a corrective manner either as a zigzag or -less likely- as a regular/expanded flat correction. We should pay extra attention to the placement of the invalidation point as it should be moved to the end of wave (2) aqua once the confirmation point is reached.
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As expected the euro moved towards the upside, but it's still far-off from reaching our specified targets. The technical picture is still optimistic and it seems increasingly likely that the euro is indeed picking up.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we'll use each count's invalidation point to confirm the other count.
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This week the pound unfolded towards the upside confirming the alternate count and both first and second specified targets were reached and exceeded and the pound continued towards the upside through the alternate count invalidation point.
We are modifying both main and alternate count according to the latest price action adding tight invalidation points and targets.
It should be noted that MACD readings on the 6-hours chart does not provide enough data -at the time being- to confirm or refute the main count`s view.
As always we will let price action decide for us which count is the highly probable count.
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On ًFriday`s session the pound unfolded towards the upside confirming the alternate count and the specified target was reached to the pip. It is worth mentioning that the specified target did not provide us with a great trading opportunity and that the pound has been trading in a tight range.
We are modifying both main and alternate counts according to the latest price action adding tight invalidation points and targets.
As always we will wait for either count`s confirmation point to be reached to determine the highly probable count.
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As expected the euro moved towards the downside to reach our first target and exceed it by 17 pips.
Now we have several possibilities, but we'll focus this week on the two most probable: either the euro continues its strained decline (a possibility which doesn't find much support in the technical picture) or it finally picks up and shoots upwards in an explosive fashion over the coming weeks.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we’ll use each count’s invalidation point to confirm the other count.
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The euro continued its slow, strained downwards movement to 1.3706, where it hit four levels of support at different wave degrees (as we'll show in a minute). Chances are the downwards correction is now complete and we should be ready for an explosive rally. But until this is confirmed by price action, a continuation of the downwards correction is not yet out of the picture
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we'll use each count's invalidation point to confirm the other count.
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On ًThursday`s session the pound started the day by moving towards the downside before moving towards the upside confirming the alternate count and the specified target was reached and exceeded.
The main count expects the pound to move towards the downside in a corrective manner, while the alternate count expects the pound to continue moving towards the upside.
As always we will be using each count`s invalidation point to confirm the other count keeping in mind that both counts have almost equal probabilities.
P.S.: We witnessed a minor -yet critical- data conflict amongst data providers with a couple of pips difference, this conflict is critical because in one version the alternate count`s invalidation point was reached prior to reversing directions confirming it and in the other version the alternate count remained intact.
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On ًWednesday`s session the pound unfolded towards the upside confirming the alternate count and the specified target was reached and the pound continued towards the upside invalidating the alternate count.
We are updating the wave degree labeling for the main count and it is worth mentioning that the recent upwards movement can be interpreted in more than one way and we will be focusing today on two interpretations as we will soon discuss.
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The euro spent the day moving downwards in a fairly corrective-looking fashion. This recent development adds a new possibility for the euro, which we're going to discuss today.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we'll use each count's invalidation point to confirm the other count.
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On ًTuesday`s session the pound unfolded towards the upside confirming the alternate count and the pound fell short of the specified target by 13 pips and it continued trading near its highs.
We are updating the main count according to the latest price action and it is worth mentioning that today`s MACD readings add confidence to the main count`s view as we will soon discuss.
We are adding tight confirmation and invalidation points for both main and alternate counts and we will use each count`s invalidation point to confirm the other count.
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